New Issue: Barclays prices $3 million 12% reverse convertibles linked to International Paper

New York, Sept. 30 - Barclays Bank plc priced $3 million of 12% reverse convertible notes due March 30, 2010 linked to International Paper Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless International Paper shares fall below the protection price of $15.20, 70% of the initial price of $21.71, during the life of the notes and finish below the initial price in which case the payout will be 46.061723 shares of International Paper stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	International Paper Co. (Symbol: IP)
Amount:	$3 million
Maturity:	March 30, 2010
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless International Paper shares fall below the protection price of $15.20, 70% of the initial price, and finish below the initial price, in which case 46.061723 shares of International Paper stock
Initial price:	$21.71
Protection price:	$15.20, 70% of $21.71
Exchange ratio:	46.061723
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	Barclays Capital
Fees:	1.625%

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